LONCIN(SH:603766) Changjiang Securities·2025-11-25 15:31Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a revenue of 14.56 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.1%. The net profit attributable to shareholders reached 1.58 billion yuan, up 75.5% year-on-year, while the net profit excluding non-recurring items was 1.53 billion yuan, reflecting an 81.5% increase [2][4] - In Q3 2025, the company achieved a revenue of 4.80 billion yuan, a year-on-year growth of 5.6%, with a net profit of 500 million yuan, marking a 62.5% increase year-on-year, and a net profit excluding non-recurring items of 490 million yuan, up 78.8% [2][4] Financial Performance Summary - For Q3 2025, motorcycle sales contributed significantly, with revenue from motorcycle sales reaching 3.44 billion yuan, accounting for 71.6% of total revenue. The "Wujie" brand generated 1.06 billion yuan in revenue, with export sales of 53,000 units, making up 50.0% of total revenue [11] - The gross margin for Q3 2025 was 18.8%, with a net margin of 10.5%, indicating improvements in profitability driven by an optimized product matrix and increased overseas sales [11] - The company has established 1,292 overseas sales outlets, with a focus on expanding into European, Central and South American, and Southeast Asian markets, contributing to a 24.9% year-on-year increase in sales revenue for the "Wujie" series [11] Future Earnings Projections - The projected net profits for the company from 2025 to 2027 are 1.917 billion yuan, 2.386 billion yuan, and 2.652 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.97, 11.22, and 10.10 [11]